Thursday, December 05, 2013
Covering Dallas, Monmouth, Independence, Falls City and surrounding areas since 1868
October 01, 2013
KINGS VALLEY -- Kings Valley Charter School and the Philomath School District last week finalized an agreement for the charter school to buy the school's property.
The charter school will be able to purchase the school for $750,000 over 15 years with no interest, amounting to $50,000 each year of the term.
Negotiations on the sale happened last fall, when Kings Valley and the district agreed to a 10-year extension of the school's charter and reached a resolution of a funding dispute that had threatened to close the school.
The Kings Valley Charter School Board approved the purchase agreement Sept. 24.
"It's been our objective for a long time and we are happy to have it," said Mark Hazelton, KVCS's director.
He said while the sales prices is high by some accounts, the no-interest deal and extended payback timeline made the deal attractive.
Hazelton said owning the property will allow for better opportunities for the school to seek resources for improvements, such as a long-planned new gym.
He said it was difficult to get donations or grants for new construction when the school didn't own the property.
"Raising capital for a new gym ... this will make it easier for us," Hazelton said.
He added once the sales agreement is signed by both parties, all pieces of the compromise forged between the charter school and Philomath School District last November are complete.
"It will be good to get that done," Hazelton said.
KVCS isn't quite finished with potential real estate transactions. The details of a second sale are being reviewed regarding the purchase of about 7.5 acres of land on the south border of the school's property.
The land is now part of a 20-acre farm, but could be subdivided in a pending sale.
"There is a buyer who is willing to buy the farm and split it for us," Hazelton said.
He said the school doesn't have concrete plans for the land, but said the board would like to secure the parcel for future use.
"It seemed like a good opportunity for us to buy it because that property might not come up for sale again for another 100 years," Hazelton said.